Acquirers Launch Open Offer for Parmax Pharma Ltd, Targeting 26% Stake in Company
A consortium of entities led by Dhiren Chandulal Shah and Sunil Chinubhai Shah has initiated a public open offer aimed at acquiring a substantial stake in Parmax Pharma Limited. The acquisition includes both the purchase of equity shares via a Share Purchase Agreement (SPA) and the issuance of new shares through a Preferential Issue, signaling a move toward full control of the company.The offer is designed to acquire up to 23,46,250 fully paid-up equity shares of Parmax Pharma Limited, representing 26.00% of its Expanded Voting Capital. The Open Offer was announced with an offer price set at ₹ 42.80 per share. If the full acceptance of the offer occurs, the total consideration payable by the Acquirers would amount to up to ₹ 10,04,19,500.00.
Details of Underlying Transactions
The planned acquisition is driven by two concurrent transactions: a direct purchase from existing shareholders and a preferential issue involving new capital raised by the target company for the consortium members.The details of both component transactions, including shares acquired or proposed to be acquired, are summarized below:
| Transaction Component | Shares/Warrants Acquired | Acquiring Parties | Total Consideration (in ₹) |
|---|---|---|---|
| Share Purchase Agreement (SPA) | 11,52,450 Equity Shares | Acquirers and SPA PACs | 4,03,35,750.00 |
| Preferential Issue | 22,80,444 Equity Shares & 17,16,574 Warrants | Acquirers and PACs | ₹ 8,32,36,206.00 and ₹ 6,26,54,951.00 respectively |
| Total Acquisition | Approx. 3,41,42,974 Shares (including Warrants) | Acquirers and PACs | Up to ₹ 10,04,19,500.00 |
Share Purchase Agreement with Sellers
The consortium entered into the SPA on June 8, 2026, for the acquisition of 11,52,450 Equity Shares from three selling shareholders: Alkesh Mahasukhlal Gopani (Seller 1), Vipul Mahasukhlal Gopani (Seller 2), and Pravina Mahasukh Gopani (Seller 3).The SPA was executed at a price of ₹ 35.00 per share, totaling ₹ 4,03,35,750.00 for the shares. These shares represent 12.77% of the Expanded Voting Capital of Parmax Pharma Limited. Seller 1 and Seller 2 belong to the promoter group, holding 6,70,380 and 4,81,370 Equity Shares, respectively.
Acquirer Structure and Stake Projection
The acquisition is spearheaded by two main Acquirers: Dhiren Chandulal Shah (Acquirer 1) and Sunil Chinubhai Shah (Acquirer 2). The consortium also includes ten Persons Acting in Concerts (PACs), such as Dhairya Dhiren Shah, Hiren Pravin Doshi, and Sheetal Hiren Doshi.Projected shareholding after the acquisition of shares from the Sellers:
- Dhiren Chandulal Shah (Acquirer 1): 30.81%
- Sunil Chinubhai Shah (Acquirer 2): 15.71%
- The remaining PACs hold combined stakes totaling over 4.75%.
The transaction involves the Acquirers and PACs acquiring control of the Target Company, with the intention to assume their role as promoters and members of the promoter group in Parmax Pharma Limited upon completion of the Underlying Transaction.
Stock Price Movement
Parmax Pharma Ltd shares concluded the trading session on Monday, settling at ₹48.81, edging up 6.74%. Throughout the day, shares experienced a wide fluctuation, swinging between an intraday low of ₹44.09 and a peak of ₹50.98.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.